BlackRock Inc. Buys 291,114 Shares of Targa Resources, Inc. $TRGP

Key Points

• BlackRock increased its Targa Resources stake by 1.4% in the second quarter, purchasing 291,114 shares and bringing its holdings to 20.83 million shares, or about 9.71% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding the $2.83 consensus estimate, although revenue of $4.44 billion fell short of analysts’ $4.90 billion forecast. The company also maintains a $1.25 quarterly dividend, equivalent to a 1.8% yield.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $295.35, above the stock’s reported price of $277.80.

BlackRock Inc. boosted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,832,687 shares of the pipeline company's stock after purchasing an additional 291,114 shares during the quarter. BlackRock Inc. owned about 9.71% of Targa Resources worth $5,586,077,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Deutsche Bank AG lifted its holdings in shares of Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock worth $811,190,000 after acquiring an additional 539,582 shares during the last quarter. Perigon Wealth Management LLC grew its position in Targa Resources by 8.3% in the second quarter. Perigon Wealth Management LLC now owns 1,391 shares of the pipeline company's stock worth $373,000 after acquiring an additional 107 shares in the last quarter. Hanseatic Management Services Inc. increased its stake in Targa Resources by 14.5% in the second quarter. Hanseatic Management Services Inc. now owns 1,816 shares of the pipeline company's stock valued at $487,000 after acquiring an additional 230 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Targa Resources by 6.6% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 515,477 shares of the pipeline company's stock valued at $138,220,000 after acquiring an additional 31,926 shares during the last quarter. Finally, Simplicity Wealth LLC increased its stake in Targa Resources by 14.9% in the second quarter. Simplicity Wealth LLC now owns 1,194 shares of the pipeline company's stock valued at $320,000 after acquiring an additional 155 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

NYSE TRGP opened at $277.80 on Tuesday. The company has a 50-day simple moving average of $269.60 and a two-hundred day simple moving average of $251.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $291.04. The firm has a market cap of $59.57 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 1.43 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 11.01 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is currently 47.80%.

Analysts Set New Price Targets

Several brokerages have issued reports on TRGP. Wells Fargo & Company lifted their price target on Targa Resources from $270.00 to $282.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating on the stock. JPMorgan Chase & Co. raised their price objective on Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Citigroup restated a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group upped their target price on Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus price target of $295.35.

Targa Resources Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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